In a Case of First Impression, the Ninth Circuit Begins to Unravel the Mystery of When a Claim to Enforce a Rescission Request under TILA May be Time-Barred
February 4, 2019
Authored by: James Goldberg
Editor’s Note: Our good colleagues at BankBCLP are always at the forefront of matters of concern to the banking and financial services community; this blog post first appeared on BankBCLP. Consumer financial services remains a morass of challenging rulings and regulations. Jim Goldberg from BCLP’s San Francisco office provides some guidance on a recent TILA decision on the right of rescission.
An action by a Washington state borrower to enforce a request for rescission of a loan under the Truth in Lending Act (TILA) is analogous to an action to enforce a contract and must be brought within the Washington state statute of limitations for such a contract claim, given that TILA itself does not provide a limitations period. Hoang v. Bank of America, N.A., 2018 WL 6367268 (9th Cir. December 6, 2018).
To effect rescission of a loan under TILA,